PAVE


U.S. Infrastructure Development ETF

Morningstar Rating™ - Overall rating out of 92 Infrastructure funds, based on risk-adjusted returns as of 01/31/24

Reasons to Consider PAVE

Compelling Need

The American Society of Civil Engineers assigned a letter grade of C- to the state of U.S. infrastructure in its 2021 report card, highlighting the need for investment.1

Multiple Long-Term Catalysts

America is committed to improving its aging infrastructure. The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act appropriated nearly $1tn to fund critical infrastructure projects.

Unconstrained Approach

As the economy evolves, so do infrastructure needs. PAVE seeks to capture this trend by investing in companies that are part of the infrastructure theme, regardless of sector or industry classification.

1American Society of Engineers, Mar 2021

Key Information As of 03/01/24

Inception Date 03/06/17
Total Expense Ratio 0.47%
Net Assets $6.54 billion
NAV $37.97

ETF Summary

The Global X U.S. Infrastructure Development ETF (PAVE) seeks to invest in companies that stand to benefit from a potential increase in infrastructure activity in the United States, including those involved in the production of raw materials, heavy equipment, engineering, and construction.

ETF Objective

The Global X U.S. Infrastructure Development ETF (PAVE) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx U.S. Infrastructure Development Index.

Trading Details As of 03/01/24

Ticker PAVE
B3 Trading Code BPVE39
Bloomberg Index Ticker IPAVE
CUSIP 37954Y673
ISIN US37954Y6730
Primary Exchange Cboe
Shares Outstanding 172,190,000
Number of Holdings 99
30-Day Median Bid-Ask Spread 0.03%

Distributions As of 03/01/24

30-Day SEC Yield 0.66%
Distribution Frequency Semi-Annually

ETF Prices As of 03/01/24

NAV $37.97 Daily Change $0.25 0.66%
Market Price $37.96 Daily Change $0.24 0.64%

Performance History

Cumulative Returns (as of 02/29/24)
1 Month 6 Months YTD 12 Months 24 Months Since Inception Inception Date
Return PAVE 9.94% 17.42% 9.52% 30.09% 43.19% 163.11% 03/06/17
Returns (as of 02/29/24)
Return PAVE Return Index
Since Inception 163.11% 173.38%
12 Months 34.11% 35.17%
24 Months 35.58% 37.21%
Last 60 Trading Days 18.07% 18.41%
Last 75 Trading Days 27.60% 28.19%
Monthly Returns (through 02/29/24)
Return PAVE Return Index
Mar 2024 0.00% 0.00%
Feb 2024 9.94% 10.01%
Jan 2024 -0.36% -0.34%
Dec 2023 9.83% 10.07%
Nov 2023 9.40% 9.57%
Oct 2023 -5.17% -5.09%
Sep 2023 -5.90% -5.84%
Aug 2023 -0.36% -0.32%
Jul 2023 3.08% 3.12%
Jun 2023 15.49% 15.55%
May 2023 -1.18% -1.14%
Apr 2023 -2.56% -2.56%
Mar 2023 -2.93% -2.90%
Feb 2023 0.80% 0.89%
Jan 2023 9.27% 9.36%
Dec 2022 -4.67% -4.63%
Nov 2022 7.95% 7.97%
Oct 2022 12.25% 12.30%
Sep 2022 -9.77% -9.79%
Aug 2022 -2.80% -2.83%
Jul 2022 15.61% 15.66%
Jun 2022 -11.54% -11.50%
May 2022 -1.91% -1.84%
Apr 2022 -6.96% -6.97%
Mar 2022 5.61% 5.64%

Total returns take into account management, administration and fees and other costs automatically deducted from the fund's assets. Before investing, you may read the prospectus in the “FEES AND EXPENSES” section for more details.

NAV & Index Chart

Top Holdings As of 03/01/24

Net Assets (%) Ticker Name Country SEDOL Market Price ($) Shares Held Market Value ($)
3.26 URI UNITED RENTALS INC United States 2134781 700.59 305,737 214,196,284.83
3.25 ETN EATON CORP PLC United States B8KQN82 293.70 726,682 213,426,503.40
3.17 MLM MARTIN MARIETTA MATERIALS United States 2572079 589.95 353,105 208,314,294.75
3.09 PH PARKER HANNIFIN CORP United States 2671501 537.80 377,166 202,839,874.80
3.04 EMR EMERSON ELECTRIC CO United States 2313405 108.14 1,847,182 199,754,261.48
3.04 TT TRANE TECHNOLOGIES PLC United States BK9ZQ96 285.98 698,099 199,642,352.02
2.99 NUE NUCOR CORP United States 2651086 190.70 1,029,037 196,237,355.90
2.95 CSX CSX CORP United States 2160753 38.23 5,070,829 193,857,792.67
2.87 VMC VULCAN MATERIALS CO United States 2931205 267.43 705,019 188,543,231.17
2.87 NSC NORFOLK SOUTHERN CORP United States 2641894 257.49 731,631 188,387,666.19
2.83 PWR QUANTA SERVICES INC United States 2150204 240.89 770,887 185,698,969.43
2.82 FAST FASTENAL CO United States 2332262 72.84 2,545,259 185,396,665.56
2.80 UNP UNION PACIFIC CORP United States 2914734 252.98 727,082 183,937,204.36
2.62 SRE SEMPRA United States 2138158 69.87 2,466,793 172,354,826.91
2.56 ROK ROCKWELL AUTOMATION INC United States 2754060 289.05 580,572 167,814,336.60
2.56 DE DEERE & CO United States 2261203 367.85 456,047 167,756,888.95
2.43 FTV FORTIVE CORP United States BYT3MK1 85.64 1,864,655 159,689,054.20
2.23 HWM HOWMET AEROSPACE INC United States BKLJ8V2 67.00 2,184,617 146,369,339.00
1.99 BLDR BUILDERS FIRSTSOURCE INC United States B0BV2M7 199.98 653,039 130,594,739.22
1.74 STLD STEEL DYNAMICS INC United States 2849472 133.71 856,678 114,546,415.38
1.66 HUBB HUBBELL INC United States BDFG6S3 384.77 284,060 109,297,766.20
1.49 J JACOBS SOLUTIONS INC United States BNGC0D3 146.62 668,550 98,022,801.00
1.48 RS RELIANCE INC United States 2729068 320.18 304,330 97,440,379.40
1.46 IEX IDEX CORP United States 2456612 239.47 400,822 95,984,844.34
1.42 WLK Westlake Corporation United States B01ZP20 137.38 677,889 93,128,390.82
1.36 CSL CARLISLE COS INC United States 2176318 347.10 257,594 89,410,877.40
1.25 TRMB TRIMBLE INC United States 2903958 62.35 1,315,230 82,004,590.50
1.24 GGG GRACO INC United States 2380443 91.28 892,932 81,506,832.96
1.22 EME EMCOR GROUP INC United States 2474164 319.99 249,199 79,741,188.01
1.20 RPM RPM INTERNATIONAL INC United States 2756174 114.77 683,733 78,472,036.41
1.17 LECO LINCOLN ELECTRIC HOLDINGS United States 2516851 254.19 302,775 76,962,377.25
1.05 BLD TOPBUILD CORP United States BZ0P3W2 410.61 168,147 69,042,839.67
1.04 PNR PENTAIR PLC United States BLS09M3 78.33 874,107 68,468,801.31
1.02 WMS ADVANCED DRAINAG United States BP7RS59 162.84 411,767 67,052,138.28
0.98 ACM AECOM United States B1VZ431 89.38 719,161 64,278,610.18
0.92 RRX REGAL REXNORD CORP United States 2730082 171.42 351,576 60,267,157.92
0.86 CLF CLEVELAND-CLIFFS INC United States BYVZ186 21.08 2,667,976 56,240,934.08
0.85 X UNITED STATES STEEL CORP United States 2824770 47.40 1,179,008 55,884,979.20
0.76 TTEK TETRA TECH INC United States 2883890 176.51 282,128 49,798,413.28
0.72 EXP EAGLE MATERIALS INC United States 2191399 256.20 184,383 47,238,924.60
0.69 WWD WOODWARD INC United States 2948089 142.15 316,846 45,039,658.90
0.63 POWL POWELL INDUSTRIES INC United States 2697422 180.02 228,209 41,082,184.18
0.62 WCC WESCO INTERNATIONAL INC United States 2416973 152.07 269,994 41,057,987.58
0.62 AYI ACUITY BRANDS INC United States 2818461 251.61 163,160 41,052,687.60
0.62 RBC RBC BEARINGS INC United States B0GLYB5 266.36 153,607 40,914,760.52
0.56 CR CRANE CO United States BNYD4F8 122.50 299,506 36,689,485.00
0.54 MTZ MASTEC INC United States 2155306 84.85 415,130 35,223,780.50
0.51 ATKR Atkore Inc United States BDHF495 172.52 195,551 33,736,458.52
0.50 ATI ATI Inc United States 2526117 49.24 672,032 33,090,855.68
0.50 CMC COMMERCIAL METALS CO United States 2213260 53.60 613,911 32,905,629.60
0.48 MLI MUELLER INDUSTRIES INC United States 2609717 51.44 608,298 31,290,849.12
0.45 ZWS Zurn Elkay Water Solution United States BMV1ZD3 32.07 916,115 29,379,808.05
0.43 LPX LOUISIANA-PACIFIC CORP United States 2535243 75.08 379,622 28,502,019.76
0.43 SUM SUMMIT MATERIA-A United States BW9JPS4 43.20 653,032 28,210,982.40
0.42 SPXC SPX TECHNOLOGIES INC United States BQ1L7V3 114.82 240,324 27,594,001.68
0.41 STRL STERLING INFRAST United States 2632876 110.98 242,969 26,964,699.62
0.40 AA ALCOA CORP United States BYNF418 27.58 940,542 25,940,148.36
0.39 BMI BADGER METER INC United States 2069128 159.92 161,311 25,796,855.12
0.38 DNOW DNOW INC United States BMH0MV1 14.19 1,775,970 25,201,014.30
0.37 TPC TUTOR PERINI CORP United States 2681760 11.85 2,062,333 24,438,646.05
0.37 MDU MDU RESOURCES GROUP INC United States 2547323 21.67 1,122,677 24,328,410.59
0.37 HRI HERC HOLDINGS INC United States BZBZ020 163.16 148,919 24,297,624.04
0.36 VMI VALMONT INDUSTRIES United States 2926825 211.03 110,560 23,331,476.80
0.34 EXPO EXPONENT INC United States 2330318 80.73 277,232 22,380,939.36
0.34 KNF KNIFE RIVER CORP United States BPLL4V5 74.49 297,023 22,125,243.27
0.33 PRIM PRIMORIS SERVICES CORP United States B1GC200 39.64 543,857 21,558,491.48
0.33 ACA ARCOSA INC United States BGPZ5W8 83.45 256,320 21,389,904.00
0.32 MYRG MYR GROUP INC/DELAWARE United States B3CLS18 166.28 128,086 21,298,140.08
0.32 GRC GORMAN-RUPP CO United States 2379281 37.29 557,022 20,771,350.38
0.31 ROAD CONSTRUCTION P-A United States BDT5M66 48.77 422,091 20,585,378.07
0.31 DY DYCOM INDUSTRIES INC United States 2289841 126.32 161,775 20,435,418.00
0.31 ASTE ASTEC INDUSTRIES INC United States 2060370 40.70 500,737 20,379,995.90
0.31 MRC MRC GLOBAL INC United States B7M66F1 11.99 1,687,723 20,235,798.77
0.31 GVA GRANITE CONSTRUCTION INC United States 2381189 52.06 388,537 20,227,236.22
0.31 GBX GREENBRIER COMPANIES INC United States 2387530 52.56 382,299 20,093,635.44
0.31 TEX TEREX CORP United States 2884224 56.69 354,226 20,081,071.94
0.30 MTRN MATERION CORP United States 2149622 135.58 147,117 19,946,122.86
0.30 HEES H&E EQUIPMENT SE United States B0WR848 57.46 344,145 19,774,571.70
0.30 CMCO COLUMBUS MCKINNON CORP/NY United States 2211071 42.23 466,007 19,679,475.61
0.30 HAYN HAYNES INTERNATIONAL INC United States B02WVH7 59.56 330,153 19,663,912.68
0.30 IIIN INSTEEL INDUSTRIES INC United States 2325875 36.27 540,864 19,617,137.28
0.30 USLM US LIME & MINERA United States 2724115 253.89 77,070 19,567,302.30
0.30 DXPE DXP ENTERPRISES INC United States 2276627 35.57 549,584 19,548,702.88
0.30 MWA MUELLER WATER-A United States B15RZR4 15.38 1,259,025 19,363,804.50
0.29 MTX MINERALS TECHNOLOGIES INC United States 2595612 72.48 264,453 19,167,553.44
0.29 CSWI CSW INDUSTRIALS INC United States BYQD1J6 228.40 82,580 18,861,272.00
0.28 AGX ARGAN INC United States 2804501 46.74 398,988 18,648,699.12
0.28 WNC WABASH NATIONAL CORP United States 2932048 26.86 691,088 18,562,623.68
0.28 CXT CRANE NXT CO United States BQ7W2W6 59.25 311,716 18,469,173.00
0.28 NWPX NORTHWEST PIPE CO United States 2035925 29.86 612,395 18,286,114.70
0.27 MTUS METALLUS INC United States BNBPMX1 20.66 860,573 17,779,438.18
0.26 CTOS CUSTOM TRUCK ONE United States BL66YS4 6.32 2,748,100 17,367,992.00
0.26 TRN TRINITY INDUSTRIES INC United States 2904627 25.04 684,573 17,141,707.92
0.26 CRS CARPENTER TECHNOLOGY United States 2177504 65.93 259,600 17,115,428.00
0.26 ROCK GIBRALTAR INDUSTRIES INC United States 2369226 77.70 219,987 17,092,989.90
0.26 TITN TITAN MACHINERY INC United States B29H3T5 25.76 654,909 16,870,455.84
0.25 RYI RYERSON HOLDING CORP United States B3TPPZ6 32.02 520,945 16,680,658.90
0.25 CENX CENTURY ALUMINUM COMPANY United States 2186254 10.60 1,553,440 16,466,464.00
0.22 CALX CALIX INC United States B3S4L67 36.41 393,728 14,335,636.48
0.06 OTHER PAYABLE & RECEIVABLES United States 1.00 4,298,055 4,298,055.15
0.05 CASH United States 1.00 3,376,653 3,376,652.96
Holdings are subject to change. "Cash" denotes U.S. dollars.

Sector Breakdown As of 01/31/24

Sector Weight (%)
Industrials 72.0
Materials 21.8
Utilities 3.2
Information Technology 1.7
Consumer Discretionary 1.0
Financials 0.3

Source: AltaVista Research, LLC

ETF Characteristics As of 02/29/24

Return on Equity 16.20%
Weighted Avg. Market Cap 35,040 M
2023 2024
Price-to-earnings 21.00 19.86
Price-to-book value 3.43 3.02

Source: AltaVista Research, LLC

ETF Risk Stats As of 01/31/24

Versus Beta
S&P 500 1.27
MSCI EAFE 1.21
MSCI Emg. Mkts 0.75
Standard Deviation 24.90%

Source: AltaVista Research, LLC

TERMS OF USE

Global X Brasil Gestora de Investimentos Ltda. (“Global X Brasil”) is an asset manager authorized by the Brazilian Securities and Exchange Commission (“CVM”), constituted in the form of CVM Resolution No. 21/2021. Investing involves risks. The material on this site is for informational purposes only and does not constitute investment advice, recommendation, offer or solicitation to buy or sell any securities, funds, or strategies to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be illegal under the securities laws of such jurisdiction. Opinions expressed here are subject to change without notice. Reliance upon the information contained in this material is at the sole discretion of the reader. No securities regulator has confirmed the accuracy of any information contained herein. Access to the information on this site or the use of the services or information provided herein is prohibited by any person or entity in any jurisdiction or country where such distribution or use is contrary to local law, rules, or regulation. Investment in index funds (ETFs) involves risks, including detachment from the benchmark index and related to the liquidity of shares in the secondary market. Investment funds managed by Global X Brasil use strategies that can result in significant equity losses for their quota holders. Global X Brasil, its partners and employees are exempt of responsibility for any damages resulting directly or indirectly from the use of the information contained on this website.

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